Reduced quorum for STL shareholder meetings

Reduced quorum for STL shareholder meetings

At its AGM to be held on 21 October 2014, Sugar Terminals Ltd is proposing to reduce the quorum at its Shareholder Meetings from 10 grower shareholders to 2 and from 3 miller shareholders to 2.

In recent years STL has struggled to achieve a quorum of members attending its AGM. As is the general custom, many shareholders give a proxy to the Chairman and the Chairman’s attendance only counts as one attendee for the purpose of the quorum requirement, irrespective of the number of proxies he holds.

Failure to achieve a quorum would be both inconvenient and costly to the company as no business can be transacted and the meeting must be rescheduled. While the STL Directors encourage shareholders to attend shareholder meetings, they understand that this is often not convenient or possible, as in order to keep costs to a minimum they are held in Brisbane.

This reduction in quorum numbers will bring STL into line with many other publicly listed companies including Qantas and Bank of Queensland.

Any questions on this proposed change can be directed to STL’s General Manager, Richard Farquhar, email r.farquhar@sugarterminals.com.au or to either of the STL grower representative directors:

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